The Pender Corporate Bond Fund had a small loss of -0.2% in May. In the broader context, high yield was weaker and government bonds were stronger. Strength in May came from our holdings in AAA […]
“Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction” – Sam […]
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
The Pender Corporate Bond Fund returned 1.1% in April, not a particularly remarkable result within the context of a very well-bid credit market, but nevertheless welcome as a steady progression of unitholder value. Leading the […]
The Pender Corporate Bond Fund returned 0.4% in March, amidst a backdrop of generally strong performance of corporate credit, particularly in the higher quality bands. Leading the gains in the Fund was our position in […]
“We can ignore reality but we cannot ignore the consequences of ignoring reality”- Ayn Rand In this commentary we cover: The trick is not to learn to trust your gut feelings, but rather to discipline […]
The Pender Corporate Bond Fund returned 0.8% in February, amidst a positive backdrop of stronger market conditions. Leading the gains in the Fund were two “busted” convertible bond positions. These included our position in Zillow’s […]
A lost decade in the past could be a great setup for the future 2018 was a “terrible, horrible, no good, very bad” year for the S&P/TSX Composite Index which rung in the New Year […]
The Pender Corporate Bond Fund returned 1.1% in January, and, in so doing, recovered fully from the small drawdown we experienced in the last part of 2018. Leading the gains in the Fund was our […]
Fellow Unitholders, Happy New Year. Or should I say good riddance to 2018. Either way, it’s that time of year when we reflect on the previous year. What we can say is that last year […]
The Pender Corporate Bond Fund returned -0.1% in December and 6.5% for the full year 2018*. The Fund’s slight decline in December was the result of a decrease in the value of high yield positions, […]
“The biggest factor affecting market returns over a short period of time are changes in investor moods. And moods don’t care about spreadsheets, reasoning, formulas, or metrics. They make fools out of those who try […]
The Pender Corporate Bond Fund was flat in November, returning precisely 0.0%. The neutral overall portfolio return was, in large measure, the result of gains in the AAA government bonds (as yields fell in the […]
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
The Pender Corporate Bond Fund returned -0.4%1 in October. During the month the Fund faced several headwinds, including rising risk-free rates, a widening spread environment across all bands of corporate credit, and also particular weakness […]
Pender Corporate Bond Fund – Manager’s Commentary – May 2019
The Pender Corporate Bond Fund had a small loss of -0.2% in May. In the broader context, high yield was weaker and government bonds were stronger. Strength in May came from our holdings in AAA […]
CIO’s Quarterly Commentary – Felix Narhi – Q1 2019
“Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction” – Sam […]
Manager’s Commentary – Q1 2019 – David Barr
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – April 2019
The Pender Corporate Bond Fund returned 1.1% in April, not a particularly remarkable result within the context of a very well-bid credit market, but nevertheless welcome as a steady progression of unitholder value. Leading the […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – March 2019
The Pender Corporate Bond Fund returned 0.4% in March, amidst a backdrop of generally strong performance of corporate credit, particularly in the higher quality bands. Leading the gains in the Fund was our position in […]
CIO’s Quarterly Commentary – Felix Narhi – Q4 2018
“We can ignore reality but we cannot ignore the consequences of ignoring reality”- Ayn Rand In this commentary we cover: The trick is not to learn to trust your gut feelings, but rather to discipline […]
Pender Corporate Bond Fund – Manager’s Commentary – February 2019
The Pender Corporate Bond Fund returned 0.8% in February, amidst a positive backdrop of stronger market conditions. Leading the gains in the Fund were two “busted” convertible bond positions. These included our position in Zillow’s […]
Managers Commentary – Q4 2018 – Amar Pandya & David Barr
A lost decade in the past could be a great setup for the future 2018 was a “terrible, horrible, no good, very bad” year for the S&P/TSX Composite Index which rung in the New Year […]
Pender Corporate Bond Fund – Manager’s Commentary – January 2019
The Pender Corporate Bond Fund returned 1.1% in January, and, in so doing, recovered fully from the small drawdown we experienced in the last part of 2018. Leading the gains in the Fund was our […]
Manager’s Commentary – David Barr – Q4 2018
Fellow Unitholders, Happy New Year. Or should I say good riddance to 2018. Either way, it’s that time of year when we reflect on the previous year. What we can say is that last year […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – December 2018
The Pender Corporate Bond Fund returned -0.1% in December and 6.5% for the full year 2018*. The Fund’s slight decline in December was the result of a decrease in the value of high yield positions, […]
CIO’s Q3 Commentary – Felix Narhi
“The biggest factor affecting market returns over a short period of time are changes in investor moods. And moods don’t care about spreadsheets, reasoning, formulas, or metrics. They make fools out of those who try […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – November 2018
The Pender Corporate Bond Fund was flat in November, returning precisely 0.0%. The neutral overall portfolio return was, in large measure, the result of gains in the AAA government bonds (as yields fell in the […]
Manager’s Quarterly Commentary – David Barr – Q3 2018
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – October 2018
The Pender Corporate Bond Fund returned -0.4%1 in October. During the month the Fund faced several headwinds, including rising risk-free rates, a widening spread environment across all bands of corporate credit, and also particular weakness […]